The Power Tools Market is driven by increasing demand for DIY and residential construction activities

 
Power Tools Market

Power tools offer various advantages over traditional tools such as high efficiency, precision, and productivity. They are used extensively during construction, woodworking, repair, and maintenance work to perform tasks quicker and easier. Growing urbanization and infrastructure development have boosted residential and commercial construction projects globally. Additionally, rising DIY culture among individuals for various small repair and maintenance tasks has fueled the sales of power tools. The global power tools market is estimated to be valued at US$ 34554.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
One of the key trends in the power tools market is the growing popularity of cordless power tools. Earlier, corded power tools dominated the market. However, rapid technological advancements have allowed manufacturers to develop high-performance lithium-ion batter powered cordless tools that provide similar functionality as corded tools while being more portable and convenient to use. Various players are focusing on continuous product innovation and improvements in battery technology to deliver longer runtime and more power in cordless tools. This has increased consumer preference for cordless tools especially for household and professional applications, fueling market revenue growth.

Porter’s Analysis
Threat of new entrants: The power tools market has moderate threat from new entrants due to established brand names, requirement of huge capital investments and technological expertise.

Bargaining power of buyers: The bargaining power of buyers is moderate as power tools are highly fragmented with presence of global as well as regional vendors providing a variety of product options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes and focus of vendors to maintain long term relationships with suppliers.

Threat of new substitutes: The threat of substitutes is low as power tools provide convenience and are regularly upgraded with new functionalities.

Competitive rivalry: The competitive rivalry is high among global players to gain market share and competitive advantage through product innovations, brand positioning and expansion into new regions.

Key Takeaways
The Global Power Tools Market Share is expected to witness high growth.

Asia Pacific region is expected to dominate the global power tools market during the forecast period. China and India are dominating the Asia Pacific power tools market with rising construction activities and growth in DIY culture.

Key players operating in the power tools market are Stanley Black & Decker, Inc, Atlas Copco AB, Snap-on Incorporated, Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Actuant Corporation.

 For more details on the report, Read- https://www.insightprobing.com/power-tools-market-demand-share-analysis/

Get more insights on this topic: https://whotimes.com/unlocking-climate-solutions-understanding-global-carbon-credits/

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